New York S 8115: Relates to evictions and foreclosures during a state disaster emergency

Bill Text

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S08115 Summary:

BILL NOS08115C

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SAME ASSAME AS A00773-C

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Add §103-a, Bank L

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Relates to the use of automated lending decision-making tools by banks for the purposes of making lending decisions; allows loan applicants to consent to or opt out of such use.

Go to top S08115 Actions:

BILL NOS08115C

&nbsp

05/15/2025REFERRED TO BANKS

05/27/2025REPORTED AND COMMITTED TO INTERNET AND TECHNOLOGY

06/02/2025AMEND (T) AND RECOMMIT TO INTERNET AND TECHNOLOGY

06/02/2025PRINT NUMBER 8115A

06/05/2025AMEND AND RECOMMIT TO INTERNET AND TECHNOLOGY

06/05/2025PRINT NUMBER 8115B

01/07/2026REFERRED TO BANKS

04/30/2026AMEND AND RECOMMIT TO BANKS

04/30/2026PRINT NUMBER 8115C

05/12/2026REPORTED AND COMMITTED TO INTERNET AND TECHNOLOGY

Go to topS08115 Committee&nbspVotes:

Go to topS08115 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08115 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8115--C

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks -- reported favora-
 bly from said committee and committed to the Committee on Internet and
 Technology -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee -- committee discharged,
 bill amended, ordered reprinted as amended and recommitted to said
 committee -- recommitted to the Committee on Banks in accordance with
 Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the banking law, in relation to the use of automated
 lending decision-making tools to make lending decisions

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The banking law is amended by adding a new section 103-a to
 2 read as follows:
 3 § 103-a. Use of automated lending decision-making tools to make lend-
 4 ing decisions. 1. For the purposes of this section, the following terms
 5 shall have the following meanings:
 6 (a) "Automated lending decision-making tool" means any software that
 7 uses algorithms, computational models, or artificial intelligence tech-
 8 niques, or a combination thereof, to materially automate or replace
 9 human decision-making regarding lending decisions that impact natural
 10 persons. "Automated lending decision-making tool" shall not include any
 11 software used primarily for basic computerized processes, such as calcu-
 12 lators, spellcheck tools, autocorrect functions, spreadsheets, electron-
 13 ic communications, or any tool that relates only to internal management
 14 affairs such as ordering office supplies or processing payments, and
 15 that do not materially impact any lending decisions relating to natural
 16 persons.
 17 (b) "Lending decision" means any determination made by a covered enti-
 18 ty or its agent, whether automated, manual or a combination thereof,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02503-07-6

 S. 8115--C 2

 1 that affects the approval, denial, offer, counteroffer, or modification
 2 of the terms or conditions of a loan or credit application, including
 3 decisions regarding creditworthiness, loan amounts, interest rates,
 4 collateral requirements, repayment, or any other material term, and any
 5 determination that considers any factor that results or may result in
 6 "adverse action" as such term is defined in the federal Fair Credit
 7 Reporting Act 15 U.S.C. 1681a(k).
 8 (c) "Covered entity" means any banking organization, foreign banking
 9 corporation licensed by the superintendent to transact business in this
 10 state pursuant to article five of this chapter, interstate branch
 11 authorized by the superintendent to transact business in this state
 12 pursuant to article five-C of this chapter, and licensed lenders pursu-
 13 ant to article nine of this chapter. Covered entity shall not include
 14 any national bank, federal savings bank, federal savings and loan asso-
 15 ciation, federal credit union